Builders’ confidence in the market for new single-family homes was steady in November, as the National Association of Home Builders’ housing market index held at 17 after October’s number was revised to 17 from 18, the group announced yesterday.

Thomson Reuters’ poll of economists predicted a level of 19.

“When the HMI survey was conducted at the beginning of this month, home builders were facing the imminent expiration of the $8,000 first-time home buyer tax credit at the end of November, with no guarantee that this valuable buyer incentive would be extended,” said NAHB chairman Joe Robson. “Now that Congress has done its job by both extending the tax credit into next year and expanding eligibility for it among potential buyers, we are very hopeful that this will have the intended stimulative effect on sales activity going forward.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.